How can it be unsecured loan, when ur properties are mortgagee with the bank ?
In which act ur firm is registered,
Partnership Act or Limited Liability Partnership Act ?
How will the partnership will declared insolvent ?
Partners becomes insolvent not firm, and on that note - firm dissolves compulsory.
BUT THE INSOLVENCY AND BANKRUPTCY CODE, 2016 -
Apply for bankruptcy - read provision below -
An application for bankruptcy of a debtor may be made, by a creditor individually or jointly with other creditors or by a debtor.
In the case of partners, the partnership property shall be applicable in the first instance in payment of the partnership debts and the separate property of each partner shall be applicable in the first instance in payment of his separate debts.
FOR interim relief only Declaration of Moratorium has a remedy to hold any legal prosecution under any act.